All posts tagged Scotland

By launching a review of its U.K. operations, National Australia Bank, or NAB, has hung a for sale sign outside its British unit.

But in an age of European austerity, the real problem for NAB is who will buy its troubled Clydesdale and Yorkshire Bank businesses?

“It is clear that the U.K. economy is likely to experience a much longer period of subdued growth with the ongoing sovereign debt crisis in the Euro-zone and the continuing austerity program by the U.K. government,” chief executive Cameron Clyne told the market in a trading update Tuesday. Mr. Clyne will need to polish up his sales spiel fast if NAB expects to get any kind of return on the assets.

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